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MarketScreener Homepage  >  Equities  >  Xetra  >  Bilfinger SE    GBF   DE0005909006

BILFINGER SE

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EQT kicks off sale of German facilities manager Apleona - sources

10/26/2020 | 09:31am EST

FRANKFURT, Oct 26 (Reuters) - Buyout group EQT has kicked off the sale of facilities manager Apleona, previously part of industrial services group Bilfinger , for up to 2 billion euros ($2.4 billion), people close to the matter said.

EQT, which is working with Deutsche Bank on the sale, last week sent out first information packages to prospective buyers such as CBRE, Cushman & Wakefield and Jones Lang Lasalle (JLL), as well as private equity groups, they said.

A stock market listing in summer 2021, organised by Deutsche Bank and UBS, is also being considered, one of the people said.

EQT, Deutsche Bank and UBS declined to comment.

EQT bought the company at a valuation of 1.4 billion euros in 2016 and last year started preparations for the sale, but then delayed it due to the COVID-19 pandemic.

Apleona employs roughly 20,000 staff in 30 countries and has annual sales of 2 billion euros. It counts BMW, Volkswagen, Daimler, BASF, Adidas, Siemens and Lufthansa among its clients.

Apleona has earnings before interest, tax, depreciation and amortisation of 135 million euros. It could be valued at about 16 times that, one of the sources said, while another said buyers were likely to offer a significantly lower enterprise value (equity plus debt).

Some investors may be wary of the potential long-term impact of the health crisis on Apleona's business, as companies may use less office space if they continue to allow many employees to work from home after the pandemic.

($1 = 0.8462 euros) (Editing by Mark Potter)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ADIDAS AG -2.01% 273.6 Delayed Quote.-3.66%
BASF SE -1.54% 60.21 Delayed Quote.-9.21%
BILFINGER SE 2.71% 24.3 Delayed Quote.-31.58%
BMW AG -1.67% 75.4 Delayed Quote.4.84%
DAIMLER AG -0.93% 57.41 Delayed Quote.17.38%
DEUTSCHE BANK AG -1.25% 9.503 Delayed Quote.39.12%
DEUTSCHE LUFTHANSA AG -0.62% 10.385 Delayed Quote.-36.32%
EQT AB -0.84% 188.4 Delayed Quote.74.47%
SIEMENS AG -0.02% 112.36 Delayed Quote.-3.57%
UBS GROUP AG -1.12% 13.25 Delayed Quote.9.61%
VOLKSWAGEN AG -2.35% 152.34 Delayed Quote.-11.48%
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Financials
Sales 2020 3 464 M 4 127 M 4 127 M
Net income 2020 -46,1 M -54,9 M -54,9 M
Net Debt 2020 82,5 M 98,3 M 98,3 M
P/E ratio 2020 -20,1x
Yield 2020 0,49%
Capitalization 979 M 1 166 M 1 166 M
EV / Sales 2020 0,31x
EV / Sales 2021 0,27x
Nbr of Employees 29 375
Free-Float 91,1%
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Mean consensus OUTPERFORM
Number of Analysts 6
Average target price 24,67 €
Last Close Price 24,30 €
Spread / Highest target 48,1%
Spread / Average Target 1,51%
Spread / Lowest Target -32,1%
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Managers
NameTitle
Thomas Blades Chairman-Executive Board
Eckhard Cordes Chairman-Supervisory Board
Duncan Hall Chief Operating Officer
Christina Johansson Chief Financial Officer
Stephan Brückner Deputy Chairman-Supervisory Board
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